Today, I would like to introduce you to an ambitious project that has the aim of establishing real companies on the blockchain: Korporatio.
Korporatio’s mission is to revolutionize the corporate legal form with blockchain technology and foster an ecosystem of decentralized blockchain-enabled legal entities.
How do they plan to do it?
Korporatio provides a legal framework to establish a real-world company on the blockchain. Each company is a mix between an International Business Company (IBC) and a Decentralized Autonomous Organization (DAO). Korporatio merges these two and creates what they call a Smart Company (SC).
According to Korporatio, a Smart Company is able to cut governance costs by 99.8% and time spent, on average, by 99.6%. Setting up a Smart Company is currently possible in the Republic of Seychelles, Republic of Panama, Saint Vincent, the Grenadines, and Wyoming in the US.
Yes, you can open and run a business 100% on the blockchain in Wyoming in the US. With blockchain technology, what is interesting is that you can establish your company in any of these five locations, however, you do not need to be present there.
With Korporatio’s Smart Company, you can manage your company governance paperless via the Korporate dashboard. You can find out about your shareholders, check past transfers, mange company votings, and more.
When you request the service of Korporatio, they provide a variety of assistants as listed below — and more.
- 1. Name check and approval
- 2. Issuing of Shares
- 3. Memorandum and Articles
- 4. Company incorporation
- 5. A business address in Seychelles
- 6. Directors approval and registration to the platform
- 7. Money laundering check and approval (KYC)
As the process is done on the blockchain, the security is superb. In addition to that, any action completed on a dashboard has immediate legal value. Each Smart Company comes with a dedicated customer success manager ready to assist you.
“Wyoming has now enacted a total of 13 blockchain-enabling laws, making it the only US state to provide a comprehensive, welcoming legal framework that enables blockchain technology to flourish, both for individuals and companies.”
Caitlin Long from Wyoming Blockchain Coalition points out that as Wyoming is a leader in the blockchain transformation of businesses, it will be exciting to see how other communities follow their example. As the regulatory landscape is changing with respect to the blockchain, we would love to see how Koropration expands its client-base and expands their services to include other fields. It will surely be very interesting to see how industries reshape their tactics as more businesses become fully functioning on the blockchain.
Kudos to Korporatio for starting an interesting and ambitious movement.
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